U.S. Import Prices Drop 0.3% In May, More Than Expected
June 15 2017 - 5:21AM
RTTF2
A report released by the Labor Department on Thursday showed a
bigger than expected drop in import prices in the month of May,
reflecting a steep decline in prices for fuel imports.
The Labor Department said its import price index fell by 0.3
percent in May after rising by 0.2 percent in April. Economists had
expected import prices to edge down by 0.1 percent.
The bigger than expected drop in import prices was led by a
sharp decline in prices for fuel imports, which plunged by 3.7
percent.
Excluding fuel prices, import prices were unchanged in May
following a 0.3 percent increase in the previous month.
Lower prices for non-fuel industrial supplies and materials
offset price increases for foods, feeds, and beverages and
automotive vehicles.
The report also said export prices slid by 0.7 percent in May
following a 0.2 percent increase in the previous month. Export
prices had been expected to inch up by 0.1 percent.
Prices for agricultural exports tumbled by 1.6 percent, and
prices for non-agricultural prices fell by 0.6 percent.
Compared to the same month a year ago, import prices were up by
2.1 percent, while export pries were up by 1.4 percent.
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